We find that sql server's dependancy feature will not identify a dependancy between and stored procedure and a table if the table was dropped and recreated (using the same table name). Does this tool get around that issue?

Dependency Tracker is a much better tool in this respect. SQL Server tries to track object dependencies by updating its' sysdepends system table. This has a raft of known problems -- the worst being (at least in SQL 2000) that it only updates objects at create-time. If your schema changes a lot, you can forget about using sysdepends.

Dependency Tracker actually parses the creation SQL code and generates the dependencies at runtime rather than relying on potentially stale and inaccurate data in sysdepends.